According to UFC president Dana White, the fight will be at T-Mobile Arena in Las Vegas and will be contested at 154 pounds. It will be a standard, 12-round boxing match with 10-ounce gloves. The Nevada Athletic Commission on Wednesday approved the request from Mayweather Promotions to put on a boxing card on Aug. 26 at the MGM Grand. The venue could change, however, to T-Mobile.

The bout will be distributed via Showtime pay-per-view. It will be an entirely boxing card. Mayweather Promotions will be the lead promoter.

It is a stunning development given that Mayweather, the greatest boxer of his era, had said he was retired after compiling a 49-0 pro record from 1996 through 2015. But with a fight which could pay each man in excess of $100 million, he reconsidered.

Mayweather is considered the greatest boxer of his generation and among the best of all-time. The fight with McGregor, in addition to paying him in excess of nine figures, will give him the opportunity to improve to 50-0.

Is this thing possible? Yeah, I think it’s possible. Do I think it can happen? I do, because there’s so much involved. But it’s a long, long way away from happening. We’re no closer today than we were when we were talking two months ago.

White had been in talks with Mayweather adviser Al Haymon since the beginning of the year. While the bout always seemed like a long shot because of McGregor’s lack of boxing experience, once the two principal negotiators got together, that made it far more real.

White announced on May 18 that he’d reached a deal with McGregor. At that point, the issue was coming to terms on a financial split with Mayweather.